Saputo Q1 results up

- Last updated on GMT

Related tags: Canada

Saputo Inc, the largest dairy processor in Canada reported on a
first-quarter profit climb of a third compared to the same quarter
last year as the price of cheese shot up.

Saputo Inc, the largest dairy processor in Canada reported on August 1 that its first-quarter profit climbed by a third over the same quarter last year as the price of cheese shot up 37 per cent on the American market. Saputo said it earned C$40.3 m (US$26.17m), up from C$30.5 million (US$19.8m) in the year-earlier period. Revenues climbed to C$876.4 million (US$569.09m) from C$480 million (US$311.68m), mostly because of the recently completed integration of Dairyworld, the company said. According to the company, the increased profit pushed Saputo to hike its quarterly dividend to 11 Canadian cents from 9 Canadian cents.

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